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originally posted by: NightSkyeB4Dawn
a reply to: JAGStorm
I think this is true everywhere.
The average house in my area fell in the $100,000 to $300,000 range 20 years ago.
Today the average house is in the $700,000 to 2 million dollar range.
Of course they come with 5+ acres.
originally posted by: 38181
The prices are reflecting the current inflation and supply and demand. People are still buying homes they can get their hands on before they can’t.
The people who can’t buy a house still can’t.
The people who can, will.
Of the 132.5 million households nationwide, nearly 49% are unable to afford a house priced at $250,000. That’s according to the National Association of Home Builders (NAHB), which recently updated its "housing affordability pyramid" for 2023.
originally posted by: JAGStorm
There is nothing near me anywhere close to the 250 range. So if 49% of households can’t afford 250, how many can’t afford 500, 1mil, and more?
Is a house a privilege or right to have? One big problem in America is we do not see the synergy of the family and everyone wants to own/live on a single paycheck. You go to other countries and there are generations under one roof, but for us, we all want single living as a living wage, and that just isn't how the world works. 500k house 6% 30 years is about 3000 per month. How much is your rent? How about 3 people playing 3000, so 1000 each and 1/3 of the utilities etc. is that doable for most?
originally posted by: 38181
a reply to: Xtrozero
When I was in Italy, I noticed the lack of huge cookie cutter neighborhoods. All I saw was small towns with multiplexes. With big swaths of land between each little town. And the rail system is phenomenal. Huge differences in scenery. The USA is becoming over built with single family homes all over creation. And they are getting worse in quality.
Cash buyers don’t have to eat PMI and loan Interest.
Sell mom and dads home they bought in the 40’s-60’s for peanuts in California and take that 900k or more a buy a nice house with acreage out right in Tennessee with the left overs going into savings.
originally posted by: interupt42
a reply to: Edumakated
Obviously real estate is a very localized market.
If I recall correctly you are situated around the Chicago area?
In my kneck of the woods (swfl area) the prices appear to be hanging on at record levels eventhough inventoryhas gone up a bit. However it appears that most buyers down here are cash buyers I believe it was as high as 80% of them, so interest rates doesn't effect most of the buyers.
We just had 2 new properties listed in my neighborhood and I'm waiting to see how fast they sell. The last property listed a month ago sold on the same day with multiple over asking prices.
But yeah in general the market is all over the place and a ticking time bomb imo.
Besides the prices and interest rates going up so have insurance and taxes.
originally posted by: JAGStorm
originally posted by: 38181
a reply to: Xtrozero
When I was in Italy, I noticed the lack of huge cookie cutter neighborhoods. All I saw was small towns with multiplexes. With big swaths of land between each little town. And the rail system is phenomenal. Huge differences in scenery. The USA is becoming over built with single family homes all over creation. And they are getting worse in quality.
Cash buyers don’t have to eat PMI and loan Interest.
Sell mom and dads home they bought in the 40’s-60’s for peanuts in California and take that 900k or more a buy a nice house with acreage out right in Tennessee with the left overs going into savings.
I have lived in Europe in a multiplex (Germany) and I have lived in the US in a very cookie cutter neighborhood.
I’d take cookie cutter 100000000000x over a European multiplex with good transportation any day of the week.
I think the American spirit is very different.
I've been in my house almost 20 years and there is no way I could sell it for the inflation adjusted value of what we paid back in the day.
The average person simply can't afford it or it is going to cause less spending in other areas of the economy since budgets are stretched to cover housing
originally posted by: JAGStorm
I have lived in Europe in a multiplex (Germany) and I have lived in the US in a very cookie cutter neighborhood.
I’d take cookie cutter 100000000000x over a European multiplex with good transportation any day of the week.
I think the American spirit is very different.
In general, I don't think these high prices and rates are sustainable. The average person simply can't afford it or it is going to cause less spending in other areas of the economy since budgets are stretched to cover housing.